tv Business - News Deutsche Welle October 11, 2017 7:15pm-7:31pm CEST
that's all gone and. and their whole their whole life you know their their whole life is gone. for some relief as they find their homes and tucked. they were in bed to sleep my house. but others have been left with nothing but the fires still raging across california authorities say the number of dead and injured can only increase. this is a w's lie from bell and still to come investors are watching spain closely gary hart will be here than i was with a business reaction to catalonia is independence bit and indeed the rest of the day's business news. and i'll be back out the top of the hour obviously a good day.
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me. spanish stocks surged after the spanish prime minister's speech on catalonia declaring independence the relief also pushes the euro to a two week high so the worst seems to be over the independence crisis for now. japan's kobe still is in trouble and with hundreds of companies that boarded sub standard oil of many human copper products and build it into their planes trains and automobiles. also coming up trumps calls it's useless but businesses point to the merits of the north american free trade agreement the fourth round of renegotiations begins today. welcome to d.w. business today markets were looking very closely towards madrid has the spanish
prime minister mariano rajoy made a highly anticipated speech about the future of catalonia the country's main stock index has been volatile in the weeks following the referendum on independence investors in the madrid stock exchange were relieved and markets closed more than one percent higher following a speech by the spanish prime minister mariano rajoy who said he is not going to negotiate with separatists in a much awaited speech in parliament if it does not really go the motion separatist and have valid reasons to support it is not big they have the votes and the authority to govern the cars alone your region but they do not have the authority to declare independence and didn't feel neglected and. that's why traders in frankfurt say those reason for investors to be concerned. it's gone it is certainly possible but the uncertainty will continue and if there
is unrest in catalonia it will certainly impact yields on spanish bonds it will come under pressure because investors will sell them and look for safe haven this is the same thing applies to spanish equities. companies located in catalonia are not taking any chances though businesses are coming up with contingency plans to leave the region. that's check if that sentiment is reflected in other markets and cross over to john now in frankfurt given that this can't be the end of the story is that confidence justified well the confidence is justified in the sense that the worst possible outcome appears have been averted at least for now from the markets perspective of course that is of course catalonia breaking off and expectations are running high here that the two sides will have to talk now they're obviously in a position where the two sides are now wrangling over the conditions over which
these talks will take place but investors were expecting about this whole story has been correct arised by a very tit for tat quality. although of course it has to be said that investors are still steeling themselves for the possibility that they're wrong and that harsher action out of madrid might actually push a less ambiguous ration of independence from the cat to landslide in which case investors would be prepared to review their business relationships in the region analysts and investors were also specially worried about the spanish banks are they safe now. well spanish banks themselves were very rare worried this week we saw yesterday that for example spanish banks stocked up on a lot of cash from the european central bank's weekly auction just in case the financing market in europe got very difficult for them in the wake of an independence that liberation now that hasn't happened and the spanish bank investors were office the in a very celebratory mood but you know this is an ongoing story even the international monetary fund has weighed in saying that the spanish banking sector
may be resilient but the situation is still very fluid spanish banking investors are of course well aware that if the worst case scenario happens and catalonia does break off then catalonia will need a new central bank and you currency and these are changes that the region are not is not in a position to affect to now the milan and found that that thank you. it's been another bruising day for japan's coby steel that stock has plunged thirty percent as the scandal over the safety of its products deepened japan's third largest steel makers sold minium and copper products using falsifies documents the possible used in cars planes and high speed trains customers have been scrambling to find out how they are affected and if there's a safety risk. their first conference started with the usual boeing off except q-tips admitting guilt and with an admission that shook up industry heavyweights all over asia there is a possibility that our firm's products could have problems over their safety or
quality products in question was sold over the past eighteen months after workers altered data on material strength and other factors to falsely show their products to meet customer specifications now the japanese government is pressing for action . i want cobie steel to do its utmost to regain the trust of its customers and of society. among those customers are car makers nissan subari and honda toyota has already confirmed that products with falsified data was used in some vehicles a central japan railway company has used some of the products in cars for the shinkansen bullet train mitsubishi and qatar saki have used coby steel products in fuselages for aircraft including some for boeing all companies say that so far the products have not post the safety risk but that they will be exchanged. canada's prime minister justin trudeau is headed for washington for the fourth
round of talks to revamp the north american free trade agreement is visit comes as u.s. president donald trump again signals the deal is doomed he wants to bring production back to the united states but many businesses warn that terminating the agreement would be bad for all involved. renegotiating nafta isn't easy that steve being the us president sought out allies the stanley cup winning ice hockey team the pittsburgh penguins were guests at the white house he jokingly urged the club owners to jump onto the nafta bandwagon i really mean that if you want to get involved in negotiating nafta i like it because we're renegotiating nafta ron. because he may not like that because maybe he's on the other side that's what's happening that's why it's so hard to redo these trade deals because there's so many other but you know out of the other side of nafta. in the
mexican senate the foreign minister made it clear that his government is not in a joking mood when it comes to the agreement. that we can't allow the free trade agreement to stop being for free trade if red tape restrictions administration tariffs and barriers are introduced this defeats the purpose of the agreement that doesn't suit mexico we have to be prepared to say no mexico is bigger than nafta. an agreement that took twenty years to negotiate it's hard to renegotiate but mexico would be willing to try still mexican negotiators want to avoid the new tariffs that trump suggested to prevent companies from leaving mexico for the u.s. . not many support trumps position even the powerful american lobbying organization the u.s. chamber of commerce is turning its back. we've been patient headed and constructive but let me right now be possible and direct there are
several several. proposals still on the table that could tire deal and that could mean deep trouble for the economy canada the usa and mexico are each other's most important trading partners and for many companies there is no plan b. the nafta agreement is vital for their survival. north korea is currently not what you'd call a tourism hotspot it would have something to do with the fact that recently an american tourist was incarcerated there on spying charges he apparently was tortured and died from his injuries shortly after his release tourism is one of the few sectors that is not affected by u.n. sanctions a family vacation at the beach the bay of one son in north korea is great for bathing if you can live with the occasional salvos of rockets and artillery. the otherwise peaceful town kim jong un's summer residence is also the country's most
important military staging area. from an outsider's view it seems rather unbalanced to launch missiles from a place being developed for tourism purposes but it's working for kim jong un's governing process. john young is spending billions to turn the v.a. into a tourist area and the one son special tourist zone foreign investors have already plowed around one and a half billion dollars into an area covering around four hundred square kilometers . guests have to know what they can expect during the visit like when the country's military conducts swimming tests in the very day in front of their supreme leader one son for kim jong il and it's a location with family history his grandfather kim it's on the founder of the country also had a home here tourism and nuclear weapons a combination no seen to symbolize kim jong un survival strategy north korea.
economy structure cannot produce much hard currency but the reason even though the amount top hard currency he earns not so great but it is in north korea terms it is easy money. plans to expand are in place the first ski slopes in the mountains directly behind one sunday have already been completed to attract a wealthier clientele a golf course is slated to follow currently around five thousand tourists come here every year. well i think travels. china's great wall motor up by many twenty percent in hong kong on wednesday after rumors that it was about to enter a joint venture with germany's b.m.w. b.m.w. already makes cars in china through its joint venture with billions china automotive holdings pollution james a new rules for joint ventures with foreign
companies in the hope of quickly advancing electric and hybrid engine technology b.m.w. announced an electric car offensive just last month. and that's all i have for you if you don't do already do follow us on facebook and twitter have a look at the world markets right now before you go thank you very much for watching my back.
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